Kalshi plans to seek CFTC and SEC approval to list perpetual futures on individual stocks, starting with Tesla, Apple, and Nvidia. The filing would cover roughly 60 stock- and ETF-linked contracts, while CME Group has sued the CFTC and Citadel Securities has raised shadow-market concerns.
Kalshi, the New York-based derivatives exchange built on prediction markets, plans to file for regulatory approval to list perpetual futures contracts on individual stocks, starting with Tesla, Apple, and Nvidia. Perpetual futures, or "perps," have powered crypto exchanges like Binance and Bybit for years. Now Kalshi wants to bring that same product to the most liquid equities on Earth.
What the filing covers
The filing, expected to land at both the CFTC and SEC, would cover around 60 stock- and ETF-linked perpetual futures products. Each contract would represent 100 shares, with a minimum margin requirement of roughly 15% of the notional value.
To qualify for listing, underlying stocks would need a minimum market cap of $100 billion and average daily trading volume of at least $450 million, effectively limiting the initial universe to mega-cap names. The contracts would trade 23 hours a day, five days a week, settling in cash with no physical delivery. Unlike standard futures, they carry no expiration date, with periodic funding rate payments keeping the contract price anchored to the underlying stock.
Building on regulatory momentum
Kalshi received CFTC approval for Bitcoin perpetual contracts in May 2026 and recently launched gold and silver perps in September 2026. Its crypto perpetual futures have reportedly generated tens of billions in notional volume. Because equities are securities, however, the new contracts would fall under joint CFTC and SEC jurisdiction. Single-stock futures have been technically legal in the US since the Commodity Futures Modernization Act of 2000, but the product largely failed to gain traction, partly because of that cumbersome dual oversight.
Opposition from CME and Citadel
Not everyone welcomes the push. CME Group filed a lawsuit against the CFTC in June 2026, claiming the agency improperly approved perpetual futures contracts. Citadel Securities, meanwhile, has warned that equity perpetuals could create a parallel shadow market, potentially creating compliance blind spots around insider trading, position reporting, and investor protection.
Kalshi is also eyeing agricultural commodity perpetual futures, adding to its existing copper and equity-index perps, with WTI crude oil reportedly on its wish list as well.
Source: Crypto Briefing
Trading involves risk.
Risk Disclaimer
